CBN Pledges To Ensure Liquidity In Forex Supply

The Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor, 

The Central Bank of Nigeria has said it will continue to intervene in the inter-bank foreign exchange market in order to sustain liquidity and stability in the sector.
The Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor, gave the assurance in Abuja on Friday, stressing that the measures being taken by the apex bank had yielded positive results as far as forex supply was concerned.

While acknowledging a marginal fluctuation in the exchange rate, he noted that the naira remained stable against other major currencies around the world, even as he observed that activities in the foreign exchange market remained dynamic.

According to him, the interventions of the apex bank are in line with its commitment to sustain liquidity in the market to meet genuine requests as well as deepen flexibility in the foreign exchange market.

Okorafor warned speculators against nefarious activities, adding that the CBN had put necessary checks in place to guard against sharp practices in the forex market.
While stressing that there was nothing to suggest that the CBN planned to discontinue its forex intervention, he noted there had been accretions in the country’s foreign reserves from $30bn to about $32bn.
Okorafor, therefore, urged those who genuinely required foreign exchange for their transactions to approach the Deposit Money Banks, noting that the banks had enough forex to meet the demands for foreign exchange.

It will be recalled that the Central Bank of Nigeria has consistently injected funds into in the interbank foreign exchange market, which received a boost of $547m in the last round of intervention.
Meanwhile the naira exchanged at the rate of 363 to the US dollar in the Bureau de Change segment of the market on Friday.

September 09, 2017